1980 (7) TMI 64

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....y SRINIVASA IYENGAR J.-The Income-tax Appellate Tribunal, Bangalore Bench, has referred the following question for the opinion of this court: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the sum of Rs. 31,194 could not be assessed as income of the assessee from undisclosed sources in the assessment year 1960-61 ? " An assessme....

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....O. On further appeal to the Tribunal, it held that the said amount could not be treated as income from business and that it could be treated only as income from other sources. In that view, it held that as the assessment related to the assessment year 1960-61 and the assessment had been completed under the 1922 Act, the previous year in respect of such income from undisclosed sources would be the ....

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.... assessment within the meaning of that expression in section 147 and no proceedings under section 34 of the repealed Act in respect of any such income are pending at the commencement of this Act, a notice under section 148 may, subject to the provisions contained in section 149 or section 150, be issued with respect to that assessment year and all the provisions of this Act shall apply accordingly....

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....vant assessment years and it is that law which must govern the liability of the parties." There is no dispute that in regard to such income from undisclosed sources, the previous year was to be taken as the financial year and it could be assessed in the assessment year corresponding to the said financial year. Under the 1922 Act, this undisclosed income could be brought to tax only in the asses....